Gibraltar

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Gibraltar

General information about the jurisdiction

Gibraltar is a British overseas territory located in the south of the Iberian Peninsula.

The state's economy is based on tourism, shipbuilding industry and financial sector. Law allows on-line casinos, betting offices and insurance companies here. The USA and the UK make a significant contribution to the state treasury by paying for the placement of their military bases here.   

The area of Gibraltar is so small (only 6.5 km2) that the only airstrip is crossed by highway with a fairly busy road.

1. Legislation

Companies Act regulates companies’ activities in Gibraltar.

2. Company formation

2.1 Types of companies

The Gibraltar legislation does not use the term «an offshore company», and use the term «a non-resident company» which is Limited Liability Company (Ltd, Limited).

2.2 Non-resident company:                            

  • The minimum authorized capital – not established. At last one share with nominal value of £1 must be issued and paid. 
  • Shares –bearer shares are allowed but not used (their certificates must be kept by the registered agent in Gibraltar).
  • Director – at least 1, individual or legal person, no residency required 
  • Members – at least 1, individual or legal person, no residency required. 
  • Secretary – is required, legal entity, resident of Gibraltar.
  • Confidential information: about beneficial owner. Nominee service may be used. 
  • Company is obliged to keep and submit an annual financial report, to be audited (not need for small companies: annual turnover – not more than  £4,8 million, balance sheet – less than $2,4 million, the number of employees does not exceed 50 per year).
  • Registered office in Gibraltar is required. 
  • Annual meetings of shareholders may be hold in any place. 

3. Taxes

An offshore company is exempt from taxation. The company can not have accounts in the Gibraltar banks.

The annual state fee is £200.

The registration fee is 0,5% of the declared share capital.

4. Currency control

None

5. Agreements on avoidance of double taxation

Gibraltar has no agreements on avoidance of double taxation.

6. Features

Gibraltar is in the tax havens list of Ukraine.

This is also a member of the EU, so you as a company owner may have some benefits when obtaining the residence permit in the EU.